Union Budget 2013-14 Highlights

7/29/2019 Union Budget 2013-14 Highlights

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Key Points of Union Budget 2013-14 :

Tax slabs and rates remain unchanged from last year

Government will look to introduce Direct Tax Code (DTC) bill in current

session

Tax credit of Rs. 2000 to be provided to those having income upto Rs. 5 lakh,

entailing a revenue loss of Rs.3600 crore

Surcharge of 10% for individuals with taxable income of over Rs.1 crore

Commodities transaction tax (CTT) to be levied on non-agriculture

commodities futures contracts at 0.01 per cent.

Customs duty and service tax rate remain unchanged at 10 and 12%,

respectively

Modified General Anti Avoidance Rules (GAAR) norms to kick in from April

1, 2016

Import duty in set-top boxes raised from 5% to 10% to aid domestic players

Import duty on luxury vehicles to be raised from 75% to 100%

Duty limit on Gold raised to Rs.50,000 for male and Rs.100,000 for female

Vocational courses offered by State-affiliated institute to be exempt from tax

Direct tax target at Rs.13,300 crore and indirect tax target at Rs.4,700 crore

Education cess to continue at 3%

Securities Transaction Tax reduced on equity futures and mutual funds

Fiscal Deficit to be 5.2% in current fiscal and 4.8% in FY14

In FY12, tax-GDP ratio was 5.5% for direct taxes and 4.6% for indirect taxes

Plan Expenditure pegged at Rs.555,322 crore and Non-Plan expenditure at

Rs.11,09,975 crore for FY14


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Rs.532 crore to make post offices a part of the core banking system

SMEs to be allowed to list on MSME exchange without making a public offer

Allocation to flagship schemes :- NREGA- Rs.33,000 crore, JNNURM-

Rs.14873 crore, ICDS- Rs.17,700 crore

Average annual growth rate of agriculture and allied services estimated at 3.6

per cent in 2012-13 when 250 MT foodgrains was produced

Indian Institute of Biotechnology to be set up at Ranchi

Government to constitute a regulatory authority for the road sector

A company investing Rs 100 crore or more in plant and machinery in April 1,2013 to March 31, 2015 will be allowed 15 per cent investment deduction

allowance apart from depreciation

Rajiv Gandhi Equity Savings Scheme (RGESS) to be liberalized to allow first

time equity investors to invest in Mutual Funds and equity markets

First Housing Loan upto Rs.25 lakh to get additional deduction of interest upto

Rs.1 lakh in 2013-14

India does not have choice between welcoming and spurning foreign

investment- its an imperative, says the Finance Minister

Two new major ports to be set up in West Bengal and Andhra Pradesh

Oil and Gas exploration policy to be reviewed and moved from revenue sharing

to profit sharing mechanism

Government to set up Indias first womens bank as a public sector bank by

October of 2013

Coal imports during April-Dec 2012 crossed 100 million tons and will reach

185 million tons by 2016-17

SIDBIs refinancing facilities to MSMEs to be doubled to Rs.10,00 crore


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Rs.14,000 crore to be infused into various public sector banks in FY14

All Public Sector Banks to have ATMs at all their branches by March 31, 2014

All Regional Rural Banks and Cooperative Banks to be e-linked by year end

Rs.6,000 crore to be allocated for rural housing fund in FY14

Investors with stake of 10% or less will be treated as FII; anything more will be

treated as FDI

Inflation-indexed bonds to be issued

FIIs can hedge forex exposure through exchange-traded derivatives

Allocation to defence sector pegged at Rs.2.03 trillion in 2013-14

Allocation to agricultural sector pegged at Rs.270.49 billion in 2013-14

Documents

Union Budget 2013-14 Highlights